Hi there, credit union friends,
As I was recently combing the aisles of my local grocery store in search of ghoulishly good Halloween treats for my daughter’s classroom celebration, I made a truly terrifying discovery. Namely, the spooky seasonal merchandise was already being replaced with festive holiday decor. 😱
Whether I’m ready or not, “the most wonderful time of the year” is here. So I’m trying my best not to get my tinsel in a tangle! And since I bet some of you can relate, I’m sharing several easy-to-implement strategies to help you spread credit union cheer all season long.
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Peak Their “Interest”: Want to kick-start the holiday celebrations for your young members and their families? Consider giving the gift of an enhanced interest rate this season. 🎁
Forward-thinking financial institutions have been leading the way by leveraging this tactic. Case in point: California’s F&A Federal Credit Union offers a whopping 6.18% APY on the first $1,000 deposited into a youth savings account.
And now financial apps targeted to kids and teens are capitalizing on this credit union strategy. For instance, Greenlight’s young users can take advantage of up to a 5.00% incentive on savings balances of $5,000 or less.
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📸: Greenlight
These promotions serve several purposes. First, they attract parents and guardians to your institution to open high-yield accounts for their children. And if these adults aren’t already members, then they will likely look to your credit union for products and services like auto loans, debit cards, and home mortgages.
Importantly, enhanced interest rates also incentivize your young members to save. Since they can see substantial returns on their investments, they are more likely to deposit the holiday cash they receive from friends and family. And what’s more, they learn the valuable life lesson of making money by saving money.
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Making Spirits Bright: As I’m sure you’re aware, the holidays usually result in increased traffic, as children often tag along (willingly or unwillingly 🤣) with their parents or guardians during breaks from school. So welcome your young members into your branches this season with a themed kids corner!
Check out this amazing job done by the team at Indiana-based Chiphone Federal Credit Union:
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Once you’ve caught your young members’ attention, invite them to participate in some festive financial fun! Here are a few ideas:
- Distribute themed activity sheets or coloring pages. 🖍️
- Encourage children to curl up with curated picture books. 📖
- Install tablets preloaded with money-smart apps and games. 📱
Little convincing is needed for kids to interact with these materials, which can serve as engaging and relevant distractions while accompanying adults conduct business. And truthfully, you’ll likely find the hard part to be getting your youngest members to put down these resources when their parents or guardians are ready to leave!
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‘Tis the Season for Sparkle: In the coming weeks, your front line staff will likely see an uptick in requests for cash to use for gifting purposes. So be sure to keep your youngest members in mind by having bills of smaller denominations ($1, $5, and $10) on hand.
And why not meet these holiday needs with some festive flair? ✨ Decorate cash envelopes with seasonal scenes, and sprinkle themed confetti inside. Parents and guardians will appreciate this timely touch, and young members will most certainly be put in the sharing, saving, and spending smart spirit!
Best of all, the magic doesn’t have to stop with the holidays. Blinged out bills can be offered year-round for birthday celebrations, Tooth Fairy visits, and more!
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📸: Tostoini on Giphy
Well, that’s a wrap (Holiday pun very much intended! 😉) on this month’s installment of “Marketing Manatee Musings.” I hope you’ve come away with some actionable tactics to utilize when connecting with your youngest members and their families this season.
And as I hinted at earlier, the festive fun doesn’t have to end when the ball drops on New Year’s Eve! Consider keeping these strategies in place through April’s National Credit Union Youth Month (And beyond!) to engage these valuable member segments for years to come.
As always, here’s to putting our best fin lit flippers forward!
Erin Prim
Marketing Manatee